Red Cadeaux, right, with jockey Gerald Mosse aboard, had a good run to finish second to jockey Damien Oliver on Fiorente, second from right, in the Melbourne Cup on Tuesday. William West / AFP
Red Cadeaux, right, with jockey Gerald Mosse aboard, had a good run to finish second to jockey Damien Oliver on Fiorente, second from right, in the Melbourne Cup on Tuesday. William West / AFP
Red Cadeaux, right, with jockey Gerald Mosse aboard, had a good run to finish second to jockey Damien Oliver on Fiorente, second from right, in the Melbourne Cup on Tuesday. William West / AFP
Red Cadeaux, right, with jockey Gerald Mosse aboard, had a good run to finish second to jockey Damien Oliver on Fiorente, second from right, in the Melbourne Cup on Tuesday. William West / AFP

Sport

More to come for Red Cadeaux after strong Melbourne Cup run

Red Cadeaux may stay in training next year after his extraordinary run behind Fiorente in the Melbourne Cup on Tuesday.

Geoffrey Riddle

November 05, 2013

  • English
  • Arabic

Red Cadeaux may stay in training next year after his extraordinary run behind Fiorente in the Melbourne Cup Tuesday.

Ed Dunlop’s globe-trotting gelding was the first of four horses trained in Europe to finish behind Gai Waterhouse’s winner at Flemington.

It was the second time he had finished as the runner-up, after losing to Dunaden in the 2011 event, and he improved on his eighth-place effort 12 months ago despite carrying the heaviest weight of any of his three runs in the two-mile handicap.

Before the race, Dunlop suggested that Red Cadeaux, who was second in the Dubai World Cup in March, was on his “zimmer-frame tour” as the seven-year-old gelding looked on the downgrade after labouring in September’s Irish St Leger.

“He loves it here, and dare I say it, we might come again,” Dunlop told TVN, the Australian racing channel. “We keep on breaking all the rules. Not many people gave him a chance. He’s not the best horse I have trained, but he has the biggest heart.”

Alongside the Melbourne Cup and the Dubai World Cup, Red Cadeaux has also finished second in the Group 1 Coronation Cup at Epsom. After running in the Melbourne Cup last year, he finished sixth in the Japan Cup before adding the Hong Kong Vase.

Red Cadeaux has accumulated Dh22.4 million in prize money during his 41-race career, and Dunlop said that trips to Japan and Hong Kong are being considered.

Fiorente handed Waterhouse her first win in the contest billed as “the race that stops a nation”.

Waterhouse is among a growing list of women trainers who hit the mark recently, including Kathy Rivto, who saddled Mucho Macho Man to win the Breeders’ Cup Classic at Santa Anita on Sunday, and Criquette Head-Maarek, who sent out Treve to win the Prix de l’Arc de Triomphe in Paris last month.

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Where to submit a sample

Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain

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While you're here

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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